It has been stable at 870 for a while now, i expected the price to be down already, well i will have to wait..
adolf512
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@adolf512, now 900, maybe it was not a bull trap but a rise followed by bear trap?
Sukoi
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@adolf512, the target of the trap has already been hit! The target was the first red dash. To those who accompanied my analysis, it was possible to earn 7% in this short! ;)
For me, the price has not yet reached its target. Look here:
Today OK Coin and Huobi reported that they canceled margins and loans and the market did not give in to that. Tomorrow we'll have Trump's speech ... pay attention to that! This will be a great profit opportunity, regardless of which side will go the price later! Attention to the blue dashed line !!!! ;)
Good tradings !!
adolf512
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@Sukoi, i see that you expected only a temporary drop. I actually suggested shorting at 910 yesterday and now it is down 2%, i can only buy now since my bitfinex account isn't vefiried.
The increase in price after the trump victory indicated that a lot of btc investors are expecting economic disaster from trump, but gold and silver are instead down now and the dollar is very strong so it is probably only a minority that are expecting that disaster.
The market cap of btc is much smaller than the market cap of gold, stocks and fiat currencies and thus we cannot expect the market to be rational.
calexpacheco
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I'm sorry. I'm not familiar with the stock jargons. If this is not going to take you to long, what is it a bull trap and why do you think this is the case? Thank you!
adolf512
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@calexpacheco, the price starts to go up and idiots start buying thinking it will go to the moon.
calexpacheco
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@adolf512, And this is falling already, but how do you identify the bull trap in the first place? Thanks for the explanation.
adolf512
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@calexpacheco, that's the million dollar question. You have to be smarter than the avarage trader(weighted by investment size).
adolf512
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@calexpacheco, the btc price has increased a lot during a short period of time and reversed, btc has probably been overbought for a period of time due to hysteria(people getting excited and paying more and more when it goes to the moon). I do not know the future btc price, i sold mine at 700$ and i might buy them back for higher price.
calexpacheco
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@adolf512, I'm really new on btc so I bought a little and lost some money. Now I'm just waiting for it to rise again. Thanks!